How To Buy A House After A Foreclosure or Short Sale

Don’t let your past credit history discourage you because you just might be able to buy a home again.  FHA requires you to wait 3 or more years after a short sale or foreclosure but there can be exceptions to that rule.

A Conventional loan requires you to wait 4 years from your short sale unless you can show an extenuating circumstance than the waiting period is 2 years.  If you had a foreclosure it’s 7 years and with extenuating circumstances it’s 3 years.  Also, if your property was included in the bankruptcy we will go off of the date of the bankruptcy for the waiting periods.  Here is a link directly to Fannie Mae’s derogatory credit event fact sheet – https://www.fanniemae.com/content/fact_sheet/derogatory-credit-event-fact-sheet.pdf